So I suspect that you're going to see an improvement in those relative numbers in the third quarter because I think film's going to be somewhat stronger as we move into third quarter than it was in the second quarter.

so i suspect that you're going to see an improvement in those relative numbers in the third quarter because i think film is going to be somewhat stronger as we move into third quarter than it was in the second quarter


As always, I must thank our tremendous team for managing through such difficult year. We have many great opportunities in front of us as a company, and I appreciate the support from all of our customers, employees and investors.

as always i must thank our tremendous team for managing through such difficult year we have many great opportunities in front of us as a company and i appreciate the support from all of our customers employees and investors


While sales have been fairly flat for the past 3 quarters, we've also seen a consistent slowdown of redemptions, leading to improved net flows for this fund, although hybrid products remain in net outflows overall.

while sales have been fairly flat for the past 3 quarters we've also seen a consistent slowdown of redemptions leading to improved net flows for this fund although hybrid products remain in net outflows overall


And I think that's just going to drive bad behavior and be really volatile for the consumer, and that's not something we want to do. So we're going to draw -- our strategy has been and right now will continue to be

i think that's just going to drive bad behavior and be really volatile for the consumer and that's not something we want to do so we're going to draw -- our strategy has been and right now will continue to be


Jason and I will be in New York for an industry conference next week and in Miami the following week. You can find the details in our recent advisory announcement. We look forward to meeting you and discussing our plans further for the business at that time.

jason and i will be in new york for an industry conference next week and in miami the following week you can find the details in our recent advisory announcement we look forward to meeting you and discussing our plans further for the business at that time


and seeks to go further and extend the GalXC platform to other tissues relevant to cardiometabolic diseases and to neurological tissues for the treatment of neurodegeneration and pain.

and seeks to go further and extend the galaxy platform to other tissues relevant to cardiometabolic diseases and to neurological tissues for the treatment of neurodegeneration and pain


Also this gives us a better -- we now have a better ability to manage our inventories as one virtual -- eventually one virtual inventory for all of our stores and MBS wholesale

also this gives us a better -- we now have a better ability to manage our inventories as one virtual essentially one virtual inventory for all of our stores and mbs wholesale


Turning to our retirement business, annuity profitability has been a bright spot this year given a strong investment portfolio performance despite the challenging interest rate environment.

turning to our retirement business annuity profitability has been a bright spot this year given strong investment portfolio performance despite the challenging interest rate environment


We are raising the bar in our marketing programs by increasing our presence across digital channels, architecting a new company website, and investing in social content to drive engagement with our homebuying community.

we are raising the bar on our marketing programs by increasing our presence across digital channels architecting a new company website and investing in social content to drive engagement with our homebuying community


The value proposition regarding any da Vinci procedure is based upon the differentiated clinical value that can be offered to patients compared to other treatment alternatives, including economic factors.

the value proposition regarding any da vinci procedure is based upon the differentiated clinical value that can be offered to patients compared to other treatment alternatives including economic factors


towards our objective of stabilizing networking reducing year-end peaks in order to achieve a more efficient cash management throughout the year.

so what's our objective of stabilizing networking reducing year-end peaks in order to achieve a more efficient cash management throughout the year


So it's possible that we will look at a different composition in our financial debt, increasing the level of bank loans because how the costs

so it's possible that we will look at a different composition in our financial debt increasing the level of bank loans because of the costs


The increase in non-recurring service revenue has been the unfortunate side effect of the success we've had selling upmarket to many of the world's largest organizations.

the increase in nonrecurring service revenue has been the unfortunate side effect of the success we've had selling upmarket to many of the world's largest organizations


I think it's -- this is Dan, again. I think it's probably a function of -- a certain amount it could be geographic because our northeast restaurants did very well.

i think it's -- this is dan again i think it's probably a function of a certain amount it could be geographic because our northeast restaurants did very well


The return to volume growth in fiscal '16 was a key driver fueling our top line, with improved volume growth in all regions and a significant turnaround in U.S. spirits.

the return to volume growth in fiscal '16 was a key driver fueling our top line with improved volume growth in all regions and a significant turnaround in u s spirits


We develop our own internal IRR and investment strategies based on what it takes for us to get a specific return of more than 25% after tax.

we develop our own internal irr and investment strategies based on what it takes for us to get a specific return of more than 25% after tax


The second major OEM deal that I'm very happy to announce on this call is with Samsung, one of the largest manufacturers of smart TVs globally.

the second major oem deal that i am very happy to announce on this call is with samsung one of the largest manufacturers of smart tvs globally


Earlier this month, an administrative law judge from the Pennsylvania Public Utility Commission recommended the commission approve this settlement. Action by the commission is expected later this year.

earlier this month an administrative law judge for the pennsylvania public utility commission recommended the commission approve this settlement action by the commission is expected later this year


pork prices in the markets. But what we have seen recently then is that we've actually seen the pork prices improving over the last months. But I think that you are

pork prices in the market but what we have seen recently then is that we've actually seen the pork prices improving over the last months but i think that you are


And in addition to that, are there any plans to centralize more of the collections and servicing and take that out of the branches?

and in addition to that are there any plans to centralize more of the collections and servicing and take that out of the branches


So overall, I would echo your words. From our standpoint, we had some isolated incidents clearly in the quarter that were unique to Kraton in terms of our costs and our operating

so overall i would echo your words from our standpoint we had some isolated incidents clearly in the quarter that were unique to kraton in terms of our costs and our operating


Unit margins in our Specialty Polymers business were lower than the third quarter of 2017, and this was largely reflective of differences in raw material pricing and timing, which Steve will speak to in just a few minutes.

unit margins in our specialty polymers business were lower than the third quarter of 2017 and this was largely reflective of differences in raw material pricing and timing which steve will speak to in just a few minutes


In summary, we're pleased with our results to date and the early traction on Sunrise benefits, although we have a significant amount of work in front of us as we return the company to its full earnings potential.

in summary we're pleased with our results to date and the early traction on sunrise benefits although we have a significant amount of work in front of us as we return the company to its full earnings potential


We reported record adjusted operating earnings in our asset management business, driven by strong net flows, market appreciation and stable average fee rates.

we reported record adjusted operating earnings in our asset management business driven by strong net flows market appreciation and stable average fee rates


That's a great question, Jon. And it's one that we pay a lot of attention to. We have significant respect for both of our competitors

well that's a great question john and it's one that we pay a lot of attention to we have significant respect for both of our competitors


Our claims operation remains an important focus area for us. Over the last several quarters, we have been pushing initiatives to reduce claims cycle time and to improve service, all while lowering costs.

our claims operation remains an important focus area for us over the last several quarters we have been pushing initiatives to reduce claims cycle time and to improve service all while lowering costs


the impact of mix on profitability. As you've heard me say before, an essential element of our long-term success has been our ability to consistently deliver profitable growth.

the impact of mix on profitability as you've heard me say before an essential element of our long-term success has been our ability to consistently deliver profitable growth


you have to put the product changes in place. And there's also some bigger things hanging out there that we continue to work on, that we think could have an impact on that even further out. So we're pretty excited about that because I think it's

the product changes in place and there's also some bigger things hanging out there that we continue to work on that we think could have an impact on that even further out so we're pretty excited about that because i think it's


We continue to see margin compression from competitive pricing pressures and expect that it will impact segment results for the remainder of this year, but we're taking actions to improve those business elements we can control

we continue to see margin compression from competitive pricing pressures and expect that it will impact segment results for the remainder of this year but we're taking actions to improve those business elements we can control


They didn't really get into the value drivers of the franchise or what we can continue to deliver going forward for our shareholders, right? What are we doing from more of a business operating results perspective?

they didn't really get into the value drivers of the franchise or what we can continue to deliver going forward for our shareholders right what are we doing from more of a business operating results perspective


guess, what would be a good outcome in terms of production for each of those? Or even on a more general level, whether they be sufficient to arrest declines? And then just second one is,

guess what would be a good outcome in terms of production for each of those or even on a more general level whether they'd be sufficient to arrest declines and then just second one is


You got to sell it to a very large number of people you don't know, you have to sell it at a profit to the price you bought it from Herbalife, and then you have to get their name, address, phone number, email address and you have to have their signature.

you got to sell it to a very large number of people you don't know you have to sell it at a profit to the price you bought it from herbalife and then you have to get their name address phone number e-mail address and you have to have their signature


Excluding this reclassification, the decline in gross profit margin was primarily driven by lower transactional volume, offset in part by productivity.

excluding this reclassification the decline in gross profit margin was primarily driven by lower transactional volume offset in part by productivity


Other finance charges were broadly the same as last year, in line with our expectations, as lower pension charges offset the increased valuation of the Zacapa option.

other finance charges were broadly the same as last year in line with our expectations as lower pension charges offset the increased valuation of the zakapa option


We are confident in the modernized compliant system we have in place, and we will continue to make adjustments as appropriate to ensure quality and safety for our customers.

we are confident in the modernized compliance system we have in place and we will continue to make adjustments as appropriate to ensure quality and safety for our customers


Reconciliation to the most directly comparable GAAP financial measures is included in the press release announcing our second quarter results. Those non-GAAP financial measures

reconciliation to the most directly comparable gaap financial measures is included in the press release announcing our second quarter results those non-gaap financial measures


the recent offering of stock and warrants gives us the flexibility to initiate the confirmatory trials and continue other developments of IMMU-132 without interruption.

the recent offering of stock and warrants gives us the flexibility to initiate the confirmatory trial and continue other developments of imu-132 without interruption


As you've heard us say, we see great opportunities on all areas of the business but specifically, we have increased our focus on home, beauty and ladies apparel.

as you've heard us say we see great opportunities in all areas of the business but specifically we have increased our focus on home beauty and ladies apparel


well. After spending considerable time talking to many of you and asking for your feedback, for which I greatly appreciate the input, we have some good news. The good news is that the responses have been very consistent.

after spending considerable time talking to many of you and asking for your feedback for which i greatly appreciate the input we have some good news the good news is that the responses have been very consistent


While we have reduced inventories at all of our locations, the opportunity to refill these locations is actually coming before harvest as farmers and commercial grain companies are making space for another year of large corn and bean crops.

while we have reduced inventories at all of our locations the opportunity to refill these locations is actually coming before harvest as farmers and commercial grain companies are making space for another year of large corn and bean crops


which has a bit of a different margin profile. So while we continue to be pretty strong in terms of growth, we think our margins will be closer to the upper end of our stated range than what they've been over the last couple of quarters.

which has a bit of a different margin profile so while we continue to be pretty strong in terms of growth we think our margins will be closer to the upper end of our stated range than what they've been over the last couple of quarters


Our injectables business also grew over the prior year, and we continued to work with our customers to qualify the added capacity that has been installed earlier this year in Europe.

our injectables business also grew over the prior year and we continued to work with our customers to qualify the added capacity that has been installed earlier this year in europe


Given the relative stability of the euro relative to emerging currencies and our ability to match balance sheet liabilities against the euro, we view this exposure as a net positive for our currency mix.

given the relative stability of the euro relative to emerging currencies and our ability to match balance sheet liabilities against the euro we view this exposure as a net positive for our currency mix


pricing avoidance that occurred in the fourth quarter as I mentioned in an answer a few minutes ago. So I think that provides the dynamic where we'll see that play out and improve the second quarter and through the

pricing avoidance that occurred in the fourth quarter as i mentioned in answer a few minutes ago so i think that provides a dynamic where we'll see that play out and improve the second quarter and through the


So far, most of the plants are now being -- starting to be launched, in the process of being launched.

so far most of the plants are now being starting to be launched in the process of being launched


which reflects the impact of the asset sales as well as price and performance-related reserves increases. Al will cover each of our guidance changes later.

which reflects the impact of the asset sales as well as price and performance-related reserves increases al will cover each of our guidance changes later


can innovate them in ways that drive good profitability and do a fantastic job delighting the consumer. When you look at what we've done with our Conagra brands over the last 4 years,

can innovate them in ways that drive good profitability and do a fantastic job delighting the consumer when you look at what we've done with our conagra brands over the last 4 years


We prepared the bridge to first show Legacy Conagra EPS drivers followed by the Pinnacle adjusted operating profit and net incremental capital costs associated with the acquisition.

we prepared the bridge to first show legacy conagra eps drivers followed by the pinnacle adjusted operating profit and then incremental capital costs associated with the acquisition


The addition of Pinnacle expands our presence in our most strategic categories, including frozen foods and snacks and brings together 2 complementary portfolios of iconic brands.

the addition of pinnacle expands our presence in our most strategic categories including frozen foods and snacks and brings together two complementary portfolios of iconic brands


We successfully closed the transaction faster than originally expected. And frankly, I'm glad we've taken the reins. We've all seen the weak scanner data on key Pinnacle brands over the past several months.

we successfully closed the transaction faster than originally expected and frankly i'm glad we've taken the reins we've all seen the weak scanner data on key pinnacle brands over the past several months


Despite the environment-depressed commodity prices and much noise from energy policy discussions, we've worked consistently with our stakeholders to bring these projects to commercial reality.

despite the environment depressed commodity prices and much noise from energy policy discussions we worked consistently with our stakeholders to bring these projects to commercial reality


with the CIOs. And I saw this over the last couple of weeks that you see the CIOs increasingly being drawn to be the -- almost the Chief Transformation Officer

with the cios and i saw this over the last couple of weeks that you see the cios increasingly being drawn to be the almost the chief transformation officer


In fact, we employed it several quarters and we were so cautious in our issuance that we concluded -- that we hadn't been cost effective in it and turned it off

in fact we employed it several quarters and we were so cautious in our issuance that we concluded that we hadn't been cost effective in it and turned it off


We continue to believe that a longer acting Factor VII administered either by IV or subcutaneous administration could change the landscape by permitting children and adults to more easily self-administer at home,

we continue to believe that a longer acting factor vii administered either by iv or subcutaneous administration could change the landscape by permitting children and adults to more easily self-administer at home


Right. And so how does the franchise agreement work? So for example, how do you get the Swiss franchisees to implement the new look? Do the franchise agreements

right and so how does the franchise agreement work so for example how do you get the swiss franchisees to implement the new look do the franchise agreements


And so we're creating a lot of efficiency but we're also creating the opportunity to handle product to markets that we haven't been able to handle in some of the smaller aircraft to this point.

and so we're creating a lot of efficiency but we're also creating the opportunity to handle product markets that we haven't been able to handle in some of the smaller aircraft to this point


the retrans that we have seen in diligence suggest that we have a significant advantage in retrans because we're not just negotiating for a really dominant station in a midsized market

the retrans that we have seen in diligent suggests that we have a significant advantage in retrans because we're not just negotiating for a really dominant station in a midsized market


In Europe, the recent Touax acquisition has given us a head start on CapEx that would otherwise have -- be needed to capture the growth we are seeing in mainland Europe. And we will discuss this further later in the presentation.

in europe the recent tuax acquisition has given us a head start on capex that would otherwise have been needed to capture the growth we are seeing in mainland europe and we will discuss this further later in the presentation


And there is a small price lag there, and we saw that prices were still very good in the fourth quarter. So could you talk about the net price in each one of the regions

and there is a small price lag there and we saw that prices were still very good in the fourth quarter so could you talk about the net price in each one of the regions


We've seen in Davos the speech of the Chinese Premier. It seems that China is quite keen to fill that void, and then we'll have to see how does this pan out also in Europe,

we've seen in davos the speech of the chinese premier it seems that china is quite keen to fill that void and then we'll have to see how does this pan out also in europe


I look forward to doing a deep dive on our plan and providing a Q1 and fiscal 2017 outlook, as well as discussing how our plan will translate into long-term financial performance

i look forward to doing a deep dive on our plan and providing a q1 and fiscal 2017 outlook as well as discussing how our plan will translate into long-term financial performance


we continue to execute on our site consolidations. Our early efforts are focused on small and mid-sized locations with high infrastructure costs and an inherent dilutive impact to our margin ambitions.

we continue to execute on our site consolidations our early efforts are focused on small and midsized locations with high infrastructure costs and an inherent dilutive impact to our margin ambitions


about it then. And again, no different than the rest of our recurring revenue businesses. If we believe that -- and we do believe that we're optimistic about next year around new business bookings and retention.

about it then and again no different than the rest of our recurring revenue businesses if we believe that -- and we do believe that we're optimistic about next year around new business bookings and retention


in terms of our expenditures to pull that down. The biggest jump in the capital expenditure in '17 came from the specific brownfields investments we did, and that is behind us right now.

in terms of our expenditures to pull that down the biggest jump in the capital expenditure in '17 came from the specific brownfields investments we did and that is behind us right now


And then just one last quick one on the -- just your quick take on the FERC order on subsidized generation and capacity and

and then just one last quick one on the -- just your quick take on the ferc order on subsidized generation and capacity and


and manufacturing teams and facilities. And so as we go from 2 or 3 launches a year to 5 or 6 launches a year, there's a lot of operating leverage

and manufacturing teams and facilities and so as we go from 2 or 3 launches a year to 5 or 6 launches a year there's a lot of operating leverage


No other product presently on the market can offer this value proposition. Work is underway to complete the 2 remaining Technical Sections required for approval of the New Animal Drug Application for Mast Out

no other product presently on the market can offer this value proposition work is underway to complete the 2 remaining technical sections required for approval of the new animal drug application for masked out


and we'll continue to get good leverage on the incremental volume. So I would anticipate the margin improvement to accelerate a little bit in 2016, basis of the incremental volume forecasted.

and we'll continue to get good leverage on the incremental volume so i would anticipate the margin improvement to accelerate a little bit in 2016 basis of the incremental volume forecasted


Looking at product trends on a consolidated basis, demand was equally strong across consumables and equipment systems, suggesting solid production volumes and capital investment in a tight labor market.

looking at product trends on a consolidated basis demand was equally strong across consumables and equipment systems suggesting solid production volumes and capital investment in a tight labor market


from customers and create long-term contracts where we own and operate the plant and sell industrial gases to the customers based on a fixed fee.


And basically, we've been very clear all along. For us, it's only interesting to look at acquisitions which improve our market's

and bezi we've been very clear all along for us it's only interesting to look at acquisitions which improve our markets


or over half the total value of the private portfolio, not including HZO, which historically was included in this list and was sold shortly after the quarter, as Kevin mentioned earlier.

or over half the total value of the private portfolio not including hzo which historically was included in this list and was sold shortly after the quarter as kevin mentioned earlier


We will then walk you through our financial results in more detail. And finally I'll return to provide color on our market outlook for the remainder of 2017 before opening the line for your questions.

lee will then walk you through our financial results in more detail and finally i will return to provide color on our market outlook for the remainder of 2017 before opening the line for your questions


move a lot faster and more innovative than ever. The World's Most Connected Company perfectly describes Syniverse. We developed the largest private network ever built

to move a lot faster and more innovative than ever the world's most connected company perfectly describes syniverse we developed the largest private network ever built


Two things that make this firm great are our people and our culture. I truly believe we are creating new and unique opportunities to win in the market and our people are embracing this strategy.

two things that make this firm great are our people and our culture i truly believe we are creating new and unique opportunities to win in the market and our people are embracing this strategy


do the current services contracts kind of extend through the entire CAF life cycle, and we might see some deflationary impact kind of as we hit another CAF deadline in years to come?

do the current services contracts kind of extend through the entire caf life cycle and we might see some deflationary impact kind of as we hit another caf deadline in years to come


The board and the Audit Committee launched an investigation to determine the facts of the situation. As a result of the investigation, the Audit Committee and their legal representation

the board and the audit committee launched an investigation to determine the facts of the situation as a result of the investigation the audit committee and their legal representation


you can say that about. There's many, many commodity businesses, but Marvell is more than a commodity semiconductor company. It is a company that is steeped

you can say that about there's many many commodity businesses but marvell is more than a commodity semiconductor company it is a company that is steeped


We undertake no obligation to publicly update or revise forward-looking statements to reflect subsequent events or circumstances after the date made, except as required by law.

we undertake no obligation to publicly update or revise forward-looking statements to reflect subsequent events or circumstances after the date made except as required by law


This was not the case in previous years when managers who achieved certain targets related to our people culture could be promoted to Restaurateur despite the fact that the restaurants were not necessarily delivering excellent customer experience.

this was not the case in previous years when managers who achieved certain targets related to our people culture could be promoted to restaurateur despite the fact that their restaurants were not necessarily delivering excellent customer experience


We'll have right number of sites to get the patients we need in the time we need. And I'm not advertising a particular number of sites, but you can be completely confident that we'll have the sites that we need.

we'll have the right number of sites to get the patients we need in the time we need and i'm not advertising a particular number of sites but you can be completely confident that we'll have the sites that we need


what that will consist of is a completely blinded analysis of the variance in attack rate. We're pooling all of the data, and it's a check on the assumption around variance. The potential outcomes are

what that will consist of is a completely blinded analysis of the variance in attack rate pulling all of the data and it's a check on the assumption around variance the potential outcomes are


We offer Community Banking services, composed of Retail and Corporate Banking, to individuals, local businesses, captive insurers, reinsurance companies, trust companies and hedge funds.

we offer community banking services composed of retail and corporate banking to individuals local businesses captive insurers reinsurance companies trust companies and hedge funds


So that completes our financial update, and we're pleased to report results that were in line with our plans for the quarter, and we made progress in several important areas that better position us for the future.

so that completes our financial update and we're pleased to report results that were in line with our plans for the quarter and we made progress in several important areas that better position us for the future


seeing lots of competition from fixed rate lenders as the -- as rates start to go up, and we've had a good long run in the commercial real estate

seeing lots of competition from fixed-rate lenders as the -- as rates start to go up and we've had a good long run in the commercial real estate


for the realization being negative 1 point? And what do you anticipate the difference between volume and revenue to be as you look out over the next couple of quarters?

for the realization being negative 1 point and what do you anticipate the difference between volume and revenue to be as you look out over the next couple of quarters


This will truly enable us to own the idea of what a healthy kitchen can be in products, food, recipes, content and experiences.

this will truly enable us to own the idea of what a healthy kitchen can be in products food recipes content and experiences


Each year, we bring one of our core values, Frontline First, to life by recognizing the outstanding efforts of those who make and market our products through our annual Ring of Stars celebration.

each year we bring one of our core values frontline first to life by recognizing the outstanding efforts of those who make and market our products through our annual ringo star celebration


The interim results from Part 1 were very encouraging, especially considering this was a small number of patients, with frequent attacks, treated over a relatively short period.

the interim results from part 1 were very encouraging especially considering this was a small number of patients with frequent attacks treated over a relatively short period


So we've been experimenting in that space. What you're going to do is see us getting deeper penetration there from a couple of fronts. Frankly, some of our lead customers are actually starting to become more owners because they see

so we've been experimenting in that space what you're going to do is see us getting deeper penetration there from a couple of fronts frankly some of our lead customers are actually starting to become more owners because they see


So I do think that the market is changing and the competition would like to get back to the kind of earnings that they were making 10 years ago instead of over the last -- they've gotten used to over the last 5 years.

so i do think that the market is changing and the competition would like to get back to the kind of earnings that they were making 10 years ago instead of over the last -- they've gotten used to over the last 5 years


performance-based incentive fees that's going on this year, even though you are waiving a significant number and an increased amount in the third quarter.

performance-based incentive fees that's going on this year even though you are waiving a significant number and an increased amount in the third quarter


For dialysis patients who are treated with peritoneal dialysis, which is a home-based modality, we expect the accessibility of roxadustat to make peritoneal dialysis more attractive for patients.

for dialysis patients who are treated with peritoneal dialysis which is a home-based modality we expect the accessibility of roxadustat to make peritoneal dialysis more attractive for patients


The restaurant is located in the midst of Orlando's new buttressing high-traffic and dining and shopping scene at Disney Springs. And we believe that this will be a very meaningful project for our company.

the restaurant is located in the midst of orlando's new bustling high traffic and dining and shopping scene at disney springs and we believe that this will be a very meaningful project for our company


and are subject to the changes, risks and uncertainties described in today's press release and in our U.S. and Canadian securities filings. In addition,

and are subject to the changes risks and uncertainties described in today's press release and in our u s and canadian securities filings in addition


And it's not just air and rail where we're developing formats for future growth. The hospital channel is an important and very profitable business for us.

and it's not just air and rail where we're developing formats for future growth the hospital channel is an important and very profitable business for us


This is important for us to access low cost capital to opportunistically pursue attractive opportunities and to ensure customers who trust us with purchase commitments in the tens if not hundreds of millions of dollars

this is important for us to access low-cost capital to opportunistically pursue attractive opportunities and to ensure customers who trust us with purchase commitments in the tens if not hundreds of millions of dollars


This region has been a soft spot for us over the past 2 years. However, I'm pleased that we are building on the momentum we established last quarter, delivering sequential growth for the first time since I arrived 2 years ago.

this region has been a soft spot for us over the past 2 years however i'm pleased that we are building on the momentum we established last quarter delivering sequential growth for the first time since i arrived 2 years ago


This trend of controlling costs, while increasing revenue is very important for the future of the business. We continue to increase our backlog, which is also a good trend.

this trend of controlling costs while increasing revenue is very important for the future of the business we continue to increase our backlog which is also a good trend


you may begin. Good morning. Thank you for joining us for today's Emmis Communications conference call regarding first quarter earnings. I want to extend a special welcome to all the Emmis employees who are joining us and listening in this morning.

good morning thank you for joining us for today's ems communications conference call regarding first quarter earnings i want to extend a special welcome to all the ems employees who are joining us and listening in this morning


we continue to evaluate possible new business activities that would generate income that would enable Syncora to utilize the NOLs. In connection with any new business effort, it

we continue to evaluate possible new business activities that would generate income that would enable sincora to utilize the nols in connection with any new business effort


And talking about the mission of the organization, getting people excited about the culture of the organization, the fact that it's one team, one fight goes a long way to unleashing the capability of the people we already have

in talking about the mission of the organization getting people excited about the culture of the organization the fact that it's one team one fight goes a long way to unleashing the capability of the people we already have


We will stick to our business model, focusing on technology that is used to design engineered solutions for customers and also generates an aftermarket business for us.

we will stick to our business model focusing on technology that is used to design engineered solutions for customers and also generates an aftermarket business for us


Pricing for irrigation equipment remains competitive but rational in both domestic and international markets, and we've continued to be successful in passing through material cost increases to the market.

pricing for irrigation equipment remains competitive but rational in both domestic and international markets and we've continued to be successful in passing through material cost increases to the market


Brazil pick up in the equipment markets based on more stable politics, but more recently, it seems to be reversing. From what you're seeing on the ground right now, do you see

brazil pickup in the equipment markets based on more stable politics but more recently it seems to be reversing from what you're seeing on the ground right now do you see


some of the change there, but we still continue to have a pretty healthy backlog in infrastructure. Regarding your question on inventory, the overall inventory is up compared to last year

some of the change there but we still continue to have a pretty healthy backlog in infrastructure regarding your question on inventory yes the overall inventory is up compared to last year


would save the average consumer 3 to 4x more than a price cap would. So those are the reasons why it's not a great outcome for households if that becomes the policy. I don't think it affects

would save the average consumer 3 to 4x more than a price cap would so those are the reasons why it's not a great outcome for households if that becomes the policy i don't think it affects


As we stated at the end of the first quarter call, it was our goal to be where we wanted to be at about the second to third week of June. We believe that our inventory is

as we stated at the end of the first quarter call it was our goal to be where we wanted to be at about the second to third week of june we believe that our inventory is


So what's happening now, when we talk about mechanization of the mine, we're starting to slowly mechanize some of the more conventional mining, which is on narrower vein structures

so what's happening now when we talk about mechanization of the mine we're starting to slowly mechanize some of the more conventional mining which is on narrower vein structures


have gone out of the broker protocol, has made it more difficult or is it actually spurring people trying to jump ahead of it or just how has that changed the nature of your recruiting effort recently?

have gone out of the protocol has it made it more difficult or is it actually spurring people trying to jump ahead of it or just how has that changed the nature of your recruiting effort recently


Sallie will be referencing these slides in her comments this morning. We plan on filing our 10-K later this afternoon and have already filed the 8-K this morning with some supplemental information.

sally will be referencing these slides in her comments this morning we plan on filing our 10-k later this afternoon and have already filed the 8-k this morning with some supplemental information


Our borrowings under the revolver increased during the first quarter as a result of investments and working capital driven by payments to vendors and the timing of collections of receivables.

our borrowings under the revolver increased during the first quarter as a result of investments in working capital driven by payments to vendors and the timing of collections of receivables


we believe that is actually the blueprint for working with more speed and working with more agility as a result across the whole company. And so we're going to use that blueprint

we believe that is actually the blueprint for working with more speed and working with more agility as a result across the whole company and so we're going to use that blueprint


The test for this is that our employees have a reasonable expectation of being impacted by this program and that's the test for when you -- is the trigger for the -- for putting the provision in place for that headcount reduction.

the test for this is that our employees have a reasonable expectation of being impacted by this program and that's the test for when you -- is the trigger for the -- providing the provision in place for that headcount reduction


was recorded in the third quarter of 2015 as a result of notification by the EPA that Buckhorn is considered a potentially responsible party in connection with the New Idria mercury mine site

that was recorded in the third quarter of 2015 as a result of notification by the epa that buckhorn is considered a potentially responsible party in connection with the new idria mercury mine site


The season pass results this spring represent our strongest absolute and percentage growth ever in our spring selling season and our strong indication of the compelling value of our season pass products,

the season pass results of this spring represent our strongest absolute and percentage growth ever in our spring selling season and are a strong indication of the compelling value of our season pass products


From a macro perspective, IT spending continues to be healthy with robust customer demand. The market remains competitive, but pricing remains rational and we continue to pass through commodities costs.

from a macro perspective it spending continues to be healthy with robust customer demand the market remains competitive but pricing remains rational and we continue to pass through commodities costs


Acquired revenue growth from Acentia was offset by expected organic declines in the legacy MAXIMUS business. As we mentioned last quarter,

acquired revenue growth from accentia was offset by expected organic declines in the legacy maximus business as we mentioned last quarter


As Rahul mentioned, our profitability was significantly impacted by cost pressures from the increase in fuel prices and the depreciation of the Indian rupee as well as from the competitive fare environment.

as raul mentioned our profitability was significantly impacted by cost pressures from the increase in fuel prices and the depreciation of the indian rupee as well as from the competitive fare environment


This guidance assumes revenue from an anticipated major new deal that the company expects to announce in the near future. It also assumes significantly higher revenues in the fourth quarter compared with the third quarter.

this guidance assumes revenue from an anticipated major new deal that the company expects to announce in the near future it also assumes significantly higher revenues in the fourth quarter compared with the third quarter


As you mentioned that, as time goes by, our competitors will pick up, but don't forget that Innolux keeps improving itself as well. We will make us

as you mentioned that as time goes by our competitors will pick up but don't forget that innolux keeps improving itself as well we will make us


The leisure and contract segments were led by our resort locations, including the Vail Marriott and Fort Lauderdale Westin as well as our Boston hotels.

the leisure and contract segments were led by our resort locations including the vale marriott and fort lauderdale westin as well as our boston hotels


We are looking both at initiatives to lower cost base long term, but obviously, also everyday cost control is very high on the agenda in Telenor these days.

we are looking both at initiatives to lower cost base long term but obviously also every day cost control is very high on the agenda in telenor these days


This gives us flexibility to support our customer as they switch production to the Galaxy S7. Given our overall performance in the quarter and our view forward,

this gives us flexibility to support our customer as they switch production to the galaxy s7 given our overall performance in the quarter and our view forward


As expected, we have seen our volume in lender-paid singles moderate, helping to rebalance our mix. We will continue to take a disciplined approach to this product segment.

as expected we have seen our volume in lender-paid singles moderate helping to rebalance our mix we will continue to take a disciplined approach to this product segment


Strong commercial and operational execution, combined with a low-cost manufacturing network and a tightening capacity environment, position the business to continue the momentum we have established.

strong commercial and operational execution combined with a low-cost manufacturing network in a tightening capacity environment position the business to continue the momentum we have established


it's a pretty logical effort to try to optimize your business, that you would try to use some contract manufacturing to maybe load assets that were underutilized, and we were the beneficiary of some business in that regard.

it's a pretty logical effort to try to optimize your business that you would try to use some contract manufacturing to maybe load assets that were underutilized and we would be the beneficiary of some business in that regard


Jon, we thought a lot about the commercialization path. There is a lot of analysis going on, both using outside consulting firms and internal resources.

john we thought a lot about the commercialization path there is a lot of analysis going on both using outside consulting firms and internal resources


Investors are cautioned there are risks, uncertainties and other factors that may cause Kraton's actual performance to be significantly different from the expectations stated or implied by any forward-looking statements we make today.

investors are cautioned there are risks uncertainties and other factors that may cause kraton's actual performance to be significantly different from the expectations stated or implied by any forward-looking statements we make today


These statements are based on current expectations of our estimates, projections and assumptions that are subject to risks and uncertainties, which may cause actual results to differ materially.

these statements are based on current expectations estimates projections and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially


But the progress that we're making is going to be good for us. And with that opportunity out there to say, that hey, let's go look at other options right now versus stick to our guns and finish what we started

but the progress that we're making is going to be good for us and with that opportunity out there to say that hey let's go look at other options right now versus stick to our guns and finish what we started


But it will -- it is a key lever as we think about the supply chain and simplifying our product offerings as part of that activity allows us to get at costs and simplify what we're doing in the plants.

but it will -- it is a key lever as we think about the supply chain and simplifying our product offerings as part of that activity allows us to get at costs and simplify what we're doing in the plants


But in terms of what the revenues we take in, it really doesn't move all that much, as you can see looking at history. And Walt, maybe you'll take the question on the longer-lead projects.

but in terms of what the revenues we take in it really doesn't move all that much as you can see looking at history and walt maybe you'll take the question on the longer lead projects


This represents good validation of our product line and it's exciting to see the batteries gained traction. Meanwhile, many other companies continue to test our batteries.

this represents good validation of our product line and it's exciting to see the batteries gain traction meanwhile many other companies continue to test our batteries


It took a full year from the RFP issuance to inking the deal. And as you would expect, competition was heavy. We won because of our experience and Connected Campus solution.

it took a full year from the rfp issuance to inking the deal and as you would expect competition was heavy we won because of our experience and connected campus solution


I'm curious if you can clarify whether that is from the currently elevated levels that we have seen or from a more normal level of growth that you would have previously seen and probably expect to get back to anyway.

i'm curious if you can clarify whether that is from the currently elevated levels that we have seen or from a more normal level of growth that you would have previously seen and probably expect to get back to anyway


That generally will work itself out over the course of the year as it typically does. And so I don't think you should look at Q1 cash flow really and annualize that. That wouldn't be a typical way to do it.

that generally will work itself out over the course of the year as it typically does and so i don't think you should look at q1 cash flow really and annualize that that wouldn't be a typical way to do it


Lower average realizations were more than offset by lower costs, primarily for forestry and roads. We typically do less forestry activity and roadbuilding during the cold winter months.

lower average realizations were more than offset by lower costs primarily for forestry and roads we typically do less forestry activity and road building during the cold winter months


the timing and amount of estimated future production, cost of production, capital expenditures, future metal prices and the cost and timing of the development of new projects.

the timing and the amount of estimated future production cost of production capital expenditures future metal prices and the cost and timing of the development of new projects


operational improvement efforts in the first quarter to increase -- in the first half of the year to increase recoveries in throughput, and we expect the second half of the year to be significantly better than the first half of the year

operational improvement efforts in the first quarter to increase -- in the first half of the year to increase recoveries and throughput and we expect the second half of the year to be significantly better than the first half of the year


since the deal closed in late July, we have restructured our business development in sales operations to leverage our expanded product and geographic reach and consolidated offices in locations

since the deal closed in late july we have restructured our business development and sales operations to leverage our expanded product and geographic reach and consolidated offices in locations


As the global leader in video games, we are focused on having the greatest selection of titles and expanding the breadth of available software by working with our publishing partners to bring even more titles to market.

as the global leader in video games we are focused on having the greatest selection of titles and expanding the breadth of available software by working with our publishing partners to bring even more titles to market


we've been very able over the past, as we reflected to you to adjust our expense base appropriately, slowdown investment, slow down some of the things that we just

we've been very able over the past as we've reflected to you to adjust our expense base appropriately slow down investments slow down some of the things that we just


This includes enhancing our digital and financial planning capabilities as well as upgrading to an advanced CRM system so our advisers can work in an even more integrated way with their clients.

this includes enhancing our digital and financial planning capabilities as well as upgrading to an advanced crm system so our advisers can work in an even more integrated way with their clients


The additional arms include one where we dose varli at lower dose but more frequently and the second, where we dose at a higher level that allow more time for clearance before retreatment. The study now includes

the additional arms include one where we dose variably at lower dose but more frequently and the second where we dose at a higher level that allow more time for clearance before retreatment the study now includes


This is a mechanism that the payer will use to hold off reimbursing a new medical product until they feel there is enough information and interest in the product to approve it for payment.

this is a mechanism that the payer will use to hold off reimbursing a new medical product until they feel there is enough information and interest in the product to approve it for payment


During the quarter, we also started the marketing process for the sale of 4 additional noncore assets as the initial part of Phase 2 of our capital recycling program.

during the quarter we also started the marketing process for the sale of 4 additional noncore assets as the initial part of phase 2 of our capital recycling program


So as Rich mentioned, we did see our segment operating loss on an absolute number increase. But if you remove the restructuring charge, segment operating loss from Rest of the World

so as rich mentioned we did see our segment operating loss on an absolute number increase but if you remove the restructuring charge segment operating loss in rest of the world


How long does it take to consume the inventory? It really depends on many factors, price fluctuations and consumption level and seasonal fluctuations,

how long does it take to consume the inventory it really depends on many factors price fluctuations and consumption level and seasonal fluctuations


Consequently, you should not rely on these forward-looking statements as predictions of future events. Statements made during this conference call are made as of the date of this call, and the company undertakes no obligation to update or revise any forward-looking statements,

consequently you should not rely on these forward-looking statements as predictions of future events statements made during this conference call are made as of the date of this call and the company undertakes no obligation to update or revise any forward-looking statements


We believe that these positive top line trends are a testament to our relentless focus on driving operational excellence and delivering a consistent 5 star experience to our customers.

we believe that these positive top line trends are a testament to our relentless focus on driving operational excellence and delivering a consistent five-star experience to our customers


strength in your Medicare Advantage business inside the IRF. And I'm going to ask this question in the context of transformation of payer and

strength in your medicare advantage business inside the irfs and i'm going to ask this question in the context of transformation of payer and


Global demand and processing margins remain very strong for all things protein, and the ethanol industry should participate in that going forward, as we raise the protein levels for the products we produce through various technologies.

global demand and processing margins remain very strong for all things protein and the ethanol industry should participate in that going forward as we raise the protein levels of the products we produce through various technologies


highway transitioning work that needs to be done, which will inhibit the ability to access the highway for a short period. So there are some of those assumptions in our plan,

highway transitioning work that needs to be done which will inhibit the ability to access the highway for a short period so there's some of that -- those assumptions in our plan


As we look at our outlet and off-price business, our primary goal was to see that the surplus of inventory was moved out and that we are more thoughtful about managing the flow of merchandise into this channel.

as we look at our outlet and off-price business our primary goal was to see that the surplus of inventory was moved out and that we are more thoughtful about managing the flow of merchandise into this channel


Earlier this year, we described plans to use most of the proceeds from these asset sales to enhance and accelerate, both our debt reduction plans and shareholder distributions.

earlier this year we described plans to use most of the proceeds from these asset sales to enhance and accelerate both our debt reduction plans and shareholder distributions


But it certainly sounded to us that you thought maybe initially that some of that Pinnacle margin opportunity could be delivered upon under Conagra's ownership. So it certainly doesn't seem like that's the case at this point.

but it certainly sounded to us that you thought maybe initially that some of that pinnacle margin opportunity could be delivered upon under conagra's ownership so it certainly doesn't seem like that's the case at this point


And when the consumer is hyper-passionate about a space as they are about spiralized, you just can't opt out, you've got to give the consumer what they want and figure the margin challenge out as you go. If you opt out,

and when the consumer is hyper passionate about a space as they are about spiralize you just can't opt out you've got to give the consumer what they want and figure the margin challenge out as you go if you opt out


We're aligning our supply chains to capitalize on new opportunities, and we're managing the customer outage announced earlier this year. Grace's strong performance continued through the second quarter,

we're aligning our supply chains to capitalize on new opportunities and we're managing the customer outage announced earlier this year grace's strong performance continued through the second quarter


The timing of the company's originations can vary from period to period. Over time, we believe that the addition of Berkeley Point will significantly increase the scale and scope of our Real Estate Services business,

the timing of the company's loan originations can vary from period to period over time we believe that the addition of berkley point will significantly increase the scale and scope of our real estate services business


a retailer that is adding 15% store growth last year and they're going to add 15% store growth next year. We have another account that is

a retailer that is adding 15% store growth last year and they're going to add 15% store growth next year we have another account that is


Our Permian frac business seemed to encounter the bulk of the delays with several of our jobs pushing into late Q1 and into Q2. The Permian Basin has been a magnet

our permian frac business seemed to encounter the bulk of the delays with several of our jobs pushing into late q1 and into q2 the permian basin has been a magnet


to operate flight segments, so the air space is getting less and less efficient. Our air traffic controllers do a wonderful job of keeping

to operate flight segments so the airspace is getting less and less efficient our air traffic controllers do a wonderful job of keeping the


joined a small group of 15 other local television reporters for a private dinner at the White House with President Trump and his Chief of Staff and his press team ahead of his speech to Congress.

joined a small group of 15 other local television reporters for a private dinner at the white house with president trump and his chief of staff and his press team ahead of his speech to congress


We don't fight City Hall. We don't make political donations, so we are very ambivalent, agnostic to whatever political parties may be in office in any country that we're in.

we don't fight city hall we don't make political donations so we are very ambivalent agnostic to whatever political parties may be in office in any country that we're in


That's a good question. We are not ruling out any options, but having said that, a couple of points I want to make. A, this is something which we have done all the heavy lifting in the last couple of years.

that's a good question we are not ruling out any options but having said that a couple of points i want to make a this is something which we have done all the heavy lifting in the last couple of years


Let me conclude by sharing with you what we see in our future. Our absolute priority is to drive profitability growth and do so in a manner that is reproducible and lasting.

let me conclude by sharing with you what we see in our future our absolute priority is to drive profitability growth and do so in a manner that is reproducible and lasting


We also, in the last few years, have been working aggressively to apply technology to help us perform a lot of the work that goes on in our grading plants. So

we also in the last few years been working aggressively to apply technology to help us perform a lot of the work that goes on in our grading plants so


has an opportunity of creating more incremental margin even though for the State Department it may be somewhat lower than the margin we get from selling at retail.

has an opportunity of creating more incremental margin even though for the state department it may be somewhat lower than the margin we get from selling at retail


To me, the most important thing at this point is to get the sentiment of the organization up, particularly the sales organization so that they're translating that supply into revenue acceleration.

to me the most important thing at this point is to get the sentiment of the organization up particularly the sales organization so that they're translating that supply into revenue acceleration


In terms of the -- quantifying what might the risk be, it's really a function of 2 variables here. The first variable is how steeply does that go up

in terms of the quantifying what might the risk be it's really a function of 2 variables here the first variable is how steeply does that go up


We believe we're making solid strides in both these areas, beginning with applying metrics to many aspects of the business and designing a formalized operating system to maximize quality performance.

we believe we're making solid strides in both these areas beginning with applying metrics to many aspects of the business and designing a formalized operating system to maximize quality performance


we didn't agree to a definitive plan. We agreed to work on prospects for that. We've actually made a proposal for a plant to them.

we didn't agree to a definitive plan we agreed to work on prospects for that we've actually made a proposal for a plant to them


I want to mention an exciting new initiative that we announced last week, our Disruptive Innovators Team. We call it a team rather than a practice because their work cuts across all industries.

i want to mention exciting new initiative that we announced last week our disruptive innovators team we call it a team rather than a practice because their work cuts across all industries


growth. I just say it seems to not vary quite as much as it did last year. We seem to have like I said, less variance in our daily numbers that we see from our hotels and our week-to-week

growth i'd just say it seems to not vary quite as much as it did last year we seem to have like i said less variance in our daily numbers that we see from our hotels and our week-to-week


I don't know, Tim, if you've got any other comments around that you want to make? No, I think that we see value in continuing that. We continue to invest in the midstream, so I think there's a growth dimension to that. So

i don't tim do you got any other comments around that you want to make no i think that we see value in continuing that we continue to invest in the midstream so i think there's a growth dimension to that so


In our international operations, we are building a team of leading industry experts that have already demonstrated the ability to profitably build businesses in various geographic markets.

in our international operations we are building a team of leading industry experts that have already demonstrated the ability to profitably build businesses in various geographic markets


It's driven due to the increase in the New Jersey state tax rate. Specifically the state has clarified its tax rules, which eliminated some benefit we were anticipating.

it's driven due to the increase in the new jersey state tax rate specifically the state has clarified its tax rules which eliminated some benefit we were anticipating


Fourth, we will migrate our global consumer systems and customer and consumer support systems using standard application services and cloud data services and operate them on the public cloud.

fourth we will migrate our global consumer systems and customer and consumer support systems using standard application services and cloud-native services and operate them on the public cloud


These forward-looking statements are subject to uncertainties and other factors that could cause actual results to differ materially from such statements. Please see our public filings, including our annual information form

these forward-looking statements are subject to uncertainties and other factors that could cause actual results to differ materially from such statements please see our public filings including our annual information form


Revenue from mobile phones fell from the previous year. This is due to a significant reduction in units shipped for feature phones in the Raku-Raku series.

revenue from mobile phones fell from the previous year this is due to a significant reduction in units shipped for feature phones in the nokudaku series


Our success in part has been due to a constant belief in the value of active management, the importance of financial planning and meeting clients' goals and objectives and the steadfast commitment of our employees.

our success in part has been due to a constant belief in the value of active management the importance of financial planning and meeting clients' goals and objectives and the steadfast commitment of our employees


Health plan and corporate staff have worked together to address the root causes of the utilization management issues that contributed to our first quarter results. We are pleased with our progress to date.

health plan and corporate staff have worked together to address the root causes of the utilization management issues that contributed to our first quarter results we're pleased with our progress to date


During the first quarter, we discussed the substantial growth in our enrollment and the stresses that this growth placed upon in our information technology and medical management infrastructure.

during the first quarter we discussed the substantial growth in our enrollment and the stresses that this growth placed upon our information technology and medical management infrastructure


We have spoken at length about how our wholesale margins are impacted by terms discount from our suppliers, whereby the value our pump payment discount declined as the absolute price of the underlying commodity is lower.

we have spoken at length about how our wholesale margins are impacted by terms discount from our suppliers whereby the value of our prompt payment discount decline as the absolute price of the underlying commodity is lower


to be paid later in this fiscal -- third fiscal quarter. We are looking forward to completing the acquisition of Brocade, which is proceeding as planned. And subject to the satisfaction of the remaining closing conditions,

to be paid later in this fiscal -- third fiscal quarter we are looking forward to completing the acquisition of brocade which is proceeding as planned and subject to the satisfaction of the remaining closing conditions


Let me start by going over a few regulatory matters. I'd like to note that during our opening remarks and in response to your questions, we may make forward-looking statements regarding future events or the future financial performance of the company.

let me start by going over a few regulatory matters i'd like to note that during our opening remarks and in response to your questions we may make forward-looking statements regarding future events or the future financial performance of the company


as of June 30. In the first half of 2016, we had no major CapEx. The amount of fixed asset went down compared to last year. We only recognized amortization.

as of june 30 in the first half of 2016 we had no major capex the amount of fixed asset went down compared to last year we only recognized amortization


the platform that would be necessary in order to execute that kind of execution, simply as an example. So what we're thinking

the platform that would be necessary in order to execute that kind of execution simply as an example so what we're thinking


In addition, we continue to have 100% share of the potassium chloride liquid market and have been growing our potassium powder market share nicely.

in addition we continue to have 100% share of the potassium chloride liquid market and have been growing our potassium powder market share nicely


research in gene therapy capabilities, which greatly advances our commitment to world-class science that makes a meaningful difference in the lives of people living with rare metabolic diseases.

research and gene therapy capabilities which greatly advances our commitment to world-class science that makes a meaningful difference in the lives of people living with rare metabolic diseases


We'll continue to focus on and build critical mass in our emerging hubs while ensuring we go for all sensible opportunities to further grow the business internationally.

we'll continue to focus on and build critical mass in our emerging hubs while ensuring we go for all sensible opportunities to further grow the business internationally


along with other investments in the business in the second half of the year, while staying on track to achieve our non-GAAP operating margin target of approximately 21% this year.

along with other investments in the business in the second half of the year while staying on track to achieve our non-gaap operating margin target of approximately 21% this year


There are still good transitional multifamily loans out there to be done, and we are focused on building our portfolio with Blackstone but only when the sponsor and deal fundamentals meet our standards.

there are still good transitional multifamily loans out there to be done and we are focused on building our portfolio with blackstone but only when the sponsor and deal fundamentals meet our standards


followed by solid growth in both drug delivery systems and medical consumables. Organic growth in oral care was down slightly, as the business continued to be impacted

followed by solid growth in both drug delivery systems and medical consumables organic growth in oral care was down slightly as the business continued to be impacted


team work and focus on delivering excellent performance today and for the long term on behalf of our clients and investors. A big thank you again to all of our colleagues.

teamwork and focus on delivering excellent performance today and for the long term on behalf of our clients and investors a big thank you again to all of our colleagues


I will start by noting that our total revenues are positively correlated to global industrial production and not any one individual end market,

i will start by noting that our total revenues are positively correlated to global industrial production and not any one individual end market


We ended the year in alignment with our long-term operating plan with a larger and more profitable homebuilding operation. We remain confident in our ability to drive further improvement in our business.

we ended the year in alignment with our long-term operating plan with a larger and more profitable homebuilding operation we remain confident in our ability to drive further improvement in our business


The well we highlighted when introducing the Woodford, the Curry 21, is a fascinating well that continues to demonstrate a very low decline rate, particularly considering that it is a shale reservoir.

the well we highlighted when introducing the woodford the curry 21 is a fascinating well that continues to demonstrate a very low decline rate particularly considering that it is a shale reservoir


Consumer interest and demand for responsible brands is consistently increasing. And those of our brands which meet the highest standards that we set for our social and environmental impact

consumer interest and demand for responsible brands is consistently increasing and those of our brands which meet the highest standards that we set for our social and environmental impact


And finally, our localization efforts now impact about 85% of our assortment and are having a positive impact on sales as well as reducing inventory levels at the same time.

and finally our localization efforts now impact about 85% of our assortment and are having a positive impact on sales as well as reducing inventory levels at the same time


So I think we've built a wonderful foundation, it's deployed across 14 markets. And growth in the future will come from rapid scaling within those markets, introducing new markets,

so i think we've built a wonderful foundation it's deployed across 14 markets and growth in the future will come from rapid scaling within those markets introducing new markets


This enables us both to extend our cash runway guidance and to invest diligently both in GEN-011 and in prudent GEN-009 clinical trial scale-up.

this enables us both to extend our cash runway guidance and to invest diligently both in gen-11 and in prudent gen-9 clinical trial scale-up


But before -- as I have said, our work will be funded by these partners, and our commercial opportunities must be known before moving forward.

but before as i have said our work will be funded by these partners and our commercial opportunities must be known before moving forward


As the market leader, we will continue to innovate by seeking to improve the clinical profile and expand the clinical utility of LINZESS to better serve an even broader patient population.

as the market leader we will continue to innovate by seeking to improve the clinical profile and expand the clinical utility of linzess to better serve an even broader patient population


It is, however, noteworthy to mention that Pioneer Foods continues to make excellent progress with improving water efficiency across all South African businesses and not only in the Western Cape.

it is however noteworthy to mention that pioneer foods continues to make excellent progress with improving water efficiency across all south african businesses and not only in the western cape


But clearly, this is a big change for them, canceling an entire program. And the implications that's going to have on consumers on their buying habits is pretty unclear to us.

but clearly this is a big change for them canceling an entire program and the implications that's going to have on consumers and their buying habits is pretty unclear to us


While we're not fundamentally opposed to a more transformational sort of transaction, we are that much more cautious as we believe the relative risks of such a transaction are much greater.

while we are not fundamentally opposed to a more transformational sort of transaction we are that much more cautious as we believe the relative risks of such a transaction are much greater


Cash flow has remained solid despite some CapEx expenditures for adding molecular diagnostic manufacturing at Life Sciences and testing capabilities at the Clinical Laboratory.

cash flow has remained solid despite some capex expenditures for adding molecular diagnostic manufacturing at life sciences and testing capabilities at the clinical laboratory


And then Beth, maybe you can just comment on the balance sheets and your guidance of ending the year at 3x to 3.4x. Does that include an assumption for executing on

and then beth maybe you can just comment on the balance sheet and your guidance of ending the year at 3 to 3 4x i mean does that include an assumption for executing on


increase in rental revenues was primarily due to an increase in the amount of equipment on rent as well as an increase in rental rates that was partially offset by a decrease in time utilization.

the increase in rental revenues was primarily due to an increase in the amount of equipment on rent as well as an increase in rental rates that was partially offset by a decrease in time utilization


Last mile in Canada is down a little bit, and this is just because what we've done with a group of customers is we moved these guys from air service to ground.

last mile in canada is down a little bit and this is just because what we've done with a group of customers is we moved these guys from air service to ground


Thank you all for participating in our quarterly conference call today. Please feel free to contact us directly should you have any further questions. Thank you very much.

thank you all for participating in our quarterly conference call today please feel free to contact us directly should you have any further questions thank you very much


And discussions with key opinion leaders and regulators about a possible accelerated pathway for the innovative antibiotic VIBATIV are continuing.

and discussions with key opinion leaders and regulators about a possible accelerated pathway for the innovative antibacterials are continuing


And we've got to be more flexible to meet their needs. We've got to make sure our Shacks can provide that, and that is what we're working on for the long term. When it comes to kiosks, it's absolutely one of our goals,

and we've got to be more flexible to meet their needs we've got to make sure our shacks can provide that and that is what we're working on for the long term when it comes to kiosks it's absolutely one of our goals


they understand our customers and they're very enthusiastic about building a plan for Chek that allows us to represent what they do now really, really well, to explore where we think there's opportunities in the market.

they understand our customers and they're very enthusiastic about building a plan for check that allows us to represent what they do now really really well to explore where we think there's opportunities in the market


We remain focused on delivering operational excellence and industry-leading performance to fully capitalize on a wide range of market conditions and drive superior value for our shareholders.

we remain focused on delivering operational excellence and industry-leading performance to fully capitalize on a wide range of market conditions and drive superior value for our shareholders


On the cost side, we have been successfully implementing actions to improve efficiency in the distribution system through the consolidation of several distribution centers in multiple cities.

on the cost side we have been successfully implementing actions to improve efficiency in the distribution system through the consolidation of several distribution centers in multiple cities


As clients both de-lever and save more, the deposit side of our balance sheet is growing very strongly. And as a result, you'll see all of our liquidity metrics are in excellent shape.

as clients both delever and save more the deposit side of our balance sheet is growing very strongly and as a result you'll see all of our liquidity metrics are in excellent shape


I'm pleased to report that PayPal had another strong quarter ending 2018 with a record-breaking growth across a number of key customer and financial metrics.

i'm pleased to report that paypal had another strong quarter ending 2018 with a record-breaking growth across a number of key customer and financial metrics


kind of Canadian-centric solutions to their customers that the Toronto folks are able to support. The inverse of that also applies where

kind of canadian-centric solutions to their customers that the toronto folks are able to support the inverse of that also applies where


the fact that we brought in a very experienced leader to oversee and manage this project to completion, the fact that we've added additional resources

the fact that we brought in a very experienced leader to oversee and manage this project to completion the fact that we've added additional resources


we're certainly going to be looking at ways to be able to appropriately deploy that cash. Dividend has always been important for us, and I can tell you we're committed to a growing dividend.

we're certainly going to be looking at ways to be able to appropriately deploy that cash dividend has always been important for us and i can tell you we're committed to a growing dividend


We will keep you posted on our progress as the marketing process for the initial phase of Phase 2 unfolds as well as any progress made on the subsequent set of assets in the months ahead.

we will keep you posted on our progress as the marketing process for the initial phase of phase ii unfolds as well as any progress made on the subsequent set of assets in the months ahead


and these included capacity management measures where we closed our Milford, Massachusetts facility in March and have since seen a competitor announce a further plant closure.

and these included capacity management measures where we closed our milford massachusetts facility in march and have since seen a competitor announce a further plant closure


So I think going forward, you'll hear more specifically, around the metrics, not only of downloads but also usage of the service.

so i think going forward you'll hear more specifically around the metrics not only of downloads but also usage of the service


Thank you, Shelby, and welcome to our second quarter earnings release conference call. This conference call is being broadcast live to the public over the Internet, and slides will accompany our remarks.

thank you shelby and welcome to our second quarter earnings release conference call this conference call is being broadcast live to the public over the internet and slides will accompany our remarks


As our business leaders prepare for the annual plan in the coming months, I have challenged the groups with identifying new ways to expand revenues and focus on productivity initiatives.

as our business leaders prepare for the annual plan in the coming months i have challenged the groups with identifying new ways to expand revenues and focus on productivity initiatives


the operating expenses associated with each of our business lines are included in the returns that we give, the projections for the business line. So that number is just a component of our overall expenses.

the operating expenses associated with each of our business lines are included in the returns that we give the projections for the business lines so that number is just a component of our overall expenses


It's obviously still very early days in this mission, but every quarter, we continue to get closer. And Q3 results were another sign that this approach drives real results, as demonstrated by our 80% growth in core revenue.

it's obviously still very early days in this mission but every quarter we continue to get closer and q3 results are another sign that this approach drives real results as demonstrated by our 80% growth in core revenue


We believe CapEx synergies exist for the combined business but will take some time to materialize. The benefit of our facility rationalization plan is also a real long-term opportunity.

we believe capex synergies exist for the combined business but will take some time to materialize the benefit of our facility rationalization plans is also a real long-term opportunity


At a comparable discount rate at 15 months ago, and at the same volume of pension commitments, our equity ratio is now significantly higher.

at a comparable discount rate as 15 months ago and at the same volume of pension commitments our equity ratio is now significantly higher


If you haven't already accessed it, it will be a useful tool to help you follow along during the call. You can find the presentation in the Investor Information section of triconcapital.com under Events and Presentations.

if you haven't already accessed it it will be a useful tool to help you follow along during the call you can find the presentation in the investor information section of triconcapital com under events and presentations


quarter, with 3 of the 4 Chinese mobile guys and what we see from them is more interest in doing more automation, more interest in doing more sophisticated

last quarter with 3 of the 4 chinese mobile guys and what we see from them is more interest in doing more automation more interest in doing more sophisticated


During our first quarter 2015 conference call, we outlined some new metrics, which we thought would be useful to monitor our progress going forward as a direct sales and marketing company.

during our first quarter 2015 conference call we outlined some new metrics which we thought would be useful to monitor our progress going forward as a direct sales marketing company


fair value accounting, most of which is the MSRs, which, as we noted, increase in value in a rising rate environment. Now turning to investment capacity in our small balance commercial space, it remains robust.

fair value accounting most of which is the msrs which as we noted increase in value in a rising rate environment now turning to investment capacity in our small balance commercial space it remains robust


we would still have very strong ratings given where we're starting from. We think that's one of the things that differentiates us from some of the others in the industry and when you're coming from a 24% or 25% net debt

we would still have very strong ratings given where we're starting from we think that's one of the things that differentiates us from some of the others in the industry and when you're coming from a 24% or 25% net debt


and that's been a clear focus of mine throughout my whole career, and it will continue to be. Run the plant safely, reliably and very efficiently.

and that's been a clear focus of mine throughout my whole career and it will continue to be run the plant safely reliably and very efficiently


But acceptable for the risk because of extending the economics for knowing the business, having some ability to, if we needed to take more active approach,

but acceptable for the risk because of extending the economics for knowing the business having some ability to -- if we needed to take a more active approach


That is above what we need in order to hold our revenues. But again, it's going to take a little bit of time before these programs start phasing in. Typical lead time from the award

that is above what we need in order to hold our revenues but again it's going to take a little bit of time before these programs start phasing in typical lead time from the award


and with a very positive outlook. And when you look at the start data, which is part of why we emphasized it in our materials, it would suggest that we're returning to another wave of growth in this long recovery.

and with a very positive outlook and when you look at the start data which is part of why we emphasized it in our materials it would suggest we're returning to another wave of growth in this long recovery


These results reflect the strength of our operational teams and diverse product offerings across our broad national footprint as well as a strong spring selling season.

these results reflect the strength of our operational teams and diverse product offerings across our broad national footprint as well as a strong spring selling season


certainly well in excess of many of your GCIB peers. I was hoping you could speak to your capacity or appetite to maybe redeem some of those preferreds and how we could possibly think about the timing of redemptions and the associated savings.

certainly well in excess of many of your gcp peers i was hoping you could speak to your capacity or appetite to maybe redeem some of those preferreds and how we could possibly think about the timing of redemptions and the associated savings


The continued volatility in our oilfield sector reinforces our belief that we are on the right path to return the company to profitability by diversifying our revenue streams and reducing our reliance on the oil and gas industry.

the continued volatility in our oilfield sector reinforces our belief that we are on the right path to return the company to profitability by diversifying our revenue streams and reducing our reliance on the oil and gas industry


the second story for VA does provide confidence for the franchise going forward. BioFlo sales continue to grow across all product offerings, and sales of our recently launched products have been positive.

the second story for va does provide confidence for the franchise going forward bioflow sales continue to grow across all product offerings and sales of our recently launched products have been positive


well, especially looking for extended terms and time on our payables. Our mix of business may impact accounts receivable a little bit. So no material changes

well especially looking for extended terms and time on our payables our mix of business may impact accounts receivable a little bit so no material changes


As you know, exports from Brazil were very much reduced during this period than competitors from other regions of the world that produce pulp.

as you know exports from brazil were very much reduced during this period than competitors from other regions of the world that produce pulp


growth and reach profitability. I know our sales will continue to increase, we will continue to reduce our costs and we will run the business with a high degree of

growth and rich profitability i know our sales will continue to increase we will continue to reduce our cost and we will run the business with a high degree of


we are actively evaluating acquisition opportunities in a target rich environment that will complement our existing midstream footprint across multiple basins. I'll speak more about our near-term plans at the end of the call.

we are actively evaluating acquisition opportunities in a target-rich environment that will complement our existing midstream footprint across multiple basins i'll speak more about our near-term plans at the end of the call


people who are watching content on our service. So I think that's a great step in the right direction, especially with the redesign, but you'll see a lot more this year. We've been chopping a lot of wood on that for a long time, as you know.

for people who are watching content on our service so i think that's a great step in the right direction especially with the redesign but you'll see a lot more this year we've been chopping a lot of wood on that for a long time as you know


as our different products can have very different retention rates because of the market segment characteristics. And so we take into account our anticipated revenue growth in these various offerings.

as our different products can have very different retention rates because of the market segment characteristics and so we take into account our anticipated revenue growth in these various offerings


Through the launch of our direct distribution model in Europe, we have unlocked demand and have significantly grown our business across EMEA. We believe further investments this year in key areas such as sales,

through the launch of our direct distribution model in europe we have unlocked demand and have significantly grown our business across emea we believe further investments this year in key areas such as sales


As you can see on Slide 17 by the end of ENLIGHTEN-2 both groups had experienced clinically meaningful improvements in PANSS scores with the patients considered to be mildly ill based on these scores.

as you can see on slide 17 by the end of enlighten 2 both groups had experienced clinically meaningful improvements in pan scores with the patients considered to be mildly ill based on these scores


We are adept at developing flexible working arrangements, which have become increasingly important to our clients. Higher revenue will drive margin expansion as will efficiency initiatives.

we are adept at developing flexible working arrangements which have become increasingly important to our clients higher revenue will drive margin expansion as will efficiency initiatives


in the Eagle Ford, and we want to make sure that these wells are going to perform up to our standards before we jump into that development. But for the long-term, this could have a very significant impact on the company because as I said, we've got

in the eagle ford and we want to make sure that these wells are going to perform up to our standards before we jump into that development but for the long term this could have a very significant impact on the company because as i said we've got


First, as you have seen in the Q4 '15 results and the press release issued on Wednesday, we have aligned our operating segments to our strategic pillars. This lines up our reporting structure with how we review the business.

first as you have seen in the q4 '15 results and the press release issued on wednesday we have aligned our operating segments to our strategic pillars this lines up our reporting structure with how we review the business


underwriting margins and underwriting profitability versus expected growth, which is generally driving whether we can return surplus capital. And that balance may change going forwards. And return on equity,

underwriting margins and underwriting profitability versus expected growth which is generally driving whether we can return surplus capital and that balance may change going forwards and return on equity


As well, our commitment to developing our digital platform provides the opportunity to anticipate the changes in the business model while the industry adopts existing ideas.

as well our commitment to developing our digital platform provides the opportunity to anticipate the changes in the business model while the industry adopts existing ideas


This call is being webcast and a replay will be available on our website. Also available on the website are our prepared remarks, supplemental tables and an updated Investor presentation.

this call is being webcast and the replay will be available on our website also available on the website are our prepared remarks supplemental tables and an updated investor presentation


This is also likely to be through a mix of technologies going forward as business case benefits will determine which technology should be used in which area.

this is also likely to be through a mix of technologies going forward as business case benefits will determine which technology should be used in which area


Classroom navigation, including content and related study materials is simplified and easily accessible via a hyperlink with significant focus on step-by-step learning versus assignment completion.

classroom navigation including content and related study materials is simplified and easily accessible via a hyperlink with significant focus on step-by-step learning versus assignment completion


One update is that we continue negotiations with major national retailers for the remaining Target space, and while the replacement of the income at the 3 properties vacated by Target takes time, we are making solid progress.

one update is that we continue negotiations with major national retailers for the remaining target space and while the replacement of the income at the 3 properties decimated by target takes time we are making solid progress


actually is when those shares vest throughout 2017. But again, some of those shares were granted at much higher prices so the benefits that went through the income statement

actually is when those shares vest throughout 2017 but again some of those shares were granted at much higher prices so the benefits that went through the income statement


So I guess when you think about, just through the back half of the year and maybe longer term, are those the type of acquisitions you're targeting, or would you consider an asset or a system that doesn't necessarily fit with the portfolio that you have today?

so i guess when you think about just through the back half of the year and maybe longer term are those the type of acquisitions you're targeting or would you consider an asset or a system that doesn't necessarily fit with the portfolio that you have today


while still meeting or exceeding our medium-term financial objectives. That said, we expect to remain in our core markets across the Caribbean region.

while still meeting or exceeding our medium-term financial objectives that said we expect to remain in our core markets across the caribbean region


there's several customers that we're working with that are looking at going back to a more of a full-service supplier. And I think there's the benefits, one, from a cost efficiency standpoint that our customers will see,

there's several customers that we're working with that are looking at going back to more of a full service supplier and i think there's the benefits one from a cost efficiency standpoint that our customers will see